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Updated: 26-07-2021 - 12:00PM   9 4 CLOSED

Financial News

Jan 2017 Financial News

Notice to TCL Shareholders

Jan 24, 2017

OFFER AND TAKE-OVER BID BY SIERRA TRADING ("SIERRA") DATED 5TH, DECEMBER, 2016 AS AMENDED ON 9TH, JANUARY, 2017 (the "Amended Offer'')

SIERRA ANNOUNCES 50.01 % THRESHOLD SURPASSED IN TRINIDAD CEMENT LIMITED OFFER AND TAKE-OVER BID

Take-Over Highlights:

  • On Friday January 20th, 2017, the number of Acceptances tendered by TCL shareholders pursuant to the Amended Offer exceeded the 50.01% threshold specified therein which represents one of the conditions to acceptance of the Amended Offer by Sierra.
     
  • The Amended Offer remains conditional on satisfying the other terms and conditions of the Amended Offer including, without limitation, the issue of a foreign investment license under the Foreign Investment Act (the "FIA License") for which an application has already been presented.
     
  • In the meantime, rights of TCL shareholders to withdraw any acceptances tendered by them remain unchanged and are set out in the Amended Offer documents that have been delivered and/or made available to all TCL shareholders.
     
  • Subject to prior receipt of the FIA License, settlement in respect of TCL shares tendered by TCL shareholders in Trinidad and Tobago as of no later that 3:00 p.m. on Tuesday January 24th, 2017 (Trinidad and Tobago local time), will take place on or before Friday, February 3, 2017.

Offer Period remains Open

In accordance with the terms of the Amended Offer, holders of TCL shares may tender their TCL shares for acceptance at any time up until 3:00 p.m.on Tuesday January 24th, 2017

Any questions or requests for assistance may be directed to:

Republic Securities Limited ("RSL'') 2nd Floor, Promenade Centre
72 Independence Square Port of Spain
Tel: (868) 623-0435/6/8/9 Fax: (868) 623-0441

Email: rslinfo@republictt.com
 

Source:
Trinidad Guardian, B15
Tuesday January 24, 2017